Consumer Protection Bill 2018 passed in Lok Sabha on 20th December 2018 and will now go to Rajya Sabha for passage. 1. The Consumer Protection Act, 1986 was enacted to provide for better protection of the interests of consumers and for the purpose of making provision for establishment of consumer protection councils and other authorities […]
18% GST is applicable on wood logs including the wood in rough/log used for pulping. Turbo charger is classified under heading 8414 and attracts 18% GST and not 5% GST. Fabric even if embroidered or has stitching of lace and tikki etc., and even if sold in three piece fabric as ladies suit set, will be classifiable as fabric andwould attract 5% GST.
Summary of Recommendations made during 31st GST Council Meeting held on 22.12.2018 related to E-Cash Ledger, Refund, For Return, Annual GST Return, Unavailed ITC, Late Fees, E-Way bill, Reduction Of GST On Services/Changed New rate wef 01.01.2019 And REDUCTION OF GST Goods New rate wef 01.01.2019. Recommendations made during 31st GST Council Meeting held on […]
Reduction in GST rates/exemptions on services: GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%. GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%
1. There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. 2. A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis. The modalities for the same shall be finalized shortly.
Certain important issues referred by GST Council to various Committees / GoM The GST Council in its 31st meeting held today at New Delhi decided to refer the following issues to Committees / GoM indicated against them: i. Extending the Composition scheme to small service providers. The rate of tax and threshold limit to be proposed […]
Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.
Formation of GoM as Recommended by the GST Council in Its 31st Meeting held on 22.12.2018. The GST Council in its 31st meeting held today at New Delhi has approved the proposal to form a 7 Member Group of Ministers to study the revenue trend, including analysing the reasons for structural patterns affecting the revenue collection […]
GST Council in the 31st meeting held on 22nd December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding.
Provisional list of IPs prepared in accordance with Insolvency Professionals to act as Interim Resolution Professionals and Liquidators (Recommendation) (Second) Guidelines, 2018.
